Yes, it's correct and it is a very common approach. I wouldn't consider changing it.

Arithmetic on unsigned integer types is guaranteed to use modulo 2^N arithmetic (where N is the number of value bits in the type) and behaviour on overflow is well defined. The result is converted into the range 0 to 2^N - 1 by adding or subtracting multiples of 2^N (i.e. modulo 2^N arithmetic).

-1 converted to an unsigned integer type (of which size_t is one) converts to 2^N - 1. -- also uses modulo 2^N arithmetic for unsigned types so an unsigned type with value 0 will be decremented to 2^N - 1. Your loop termination condition is correct.